Salta has received a planning permit to progress its next Build-to-Rent (BTR) project under its Est brand at 699 La Trobe Street, Melbourne, marking another milestone in the group’s expanding BTR pipeline.

Located at the prominent corner of La Trobe Street and Harbour Esplanade, the project will deliver a 37-storey tower providing 554 design-led apartments for Melbourne renters, in a landmark waterfront location at the gateway between the City and Docklands within the Marvel Stadium precinct.

Designed by leading architecture practice FK, the tower has been conceived as two interlocking volumes with varied setbacks, breaking down the scale of the building along Harbour Esplanade. The design incorporates a landscaped forecourt and an activated ground plane, enhancing the public realm and strengthening connections to the surrounding waterfront precinct.

The development will also include extensive resident amenities, co-working and communal spaces, and 26 affordable housing apartments, with the project’s interiors conceptualised to support the delivery of high-quality, long-term rental housing within the inner city.

The Docklands project will be the third within Salta’s Est BTR pipeline, taking the total portfolio to over 1,100 apartments following the completion of its maiden project, Fitzroy & Co, in October 2024, and with 25 River Boulevard Richmond under construction and scheduled for completion in Q4 2027.

According to the Franklin Street 2026 BTR Market Report, Australia’s BTR sector is fast accelerating, with the national pipeline having doubled in recent years and more than 16,000 BTR apartments now operational. The report also notes improving project feasibility, with rental growth outpacing construction cost increases and cap rates stabilising around four to four-and-a-half per cent, signalling growing confidence from institutional investors.

Salta’s Director of Residential Development and BTR Operations, Edward McAuliffe, said the fundamentals underpinning Melbourne’s BTR sector continue to strengthen.

“Melbourne is one of the most compelling BTR markets globally, supported by strong population growth, diverse renter demographics and a strong interest from institutional capital seeking long-term residential investment opportunities,” Mr McAuliffe said.

“Our Docklands project demonstrates how well-located sites with excellent transport connectivity, lifestyle amenity and strong rental demand can support high-quality, professionally managed rental communities and respond to the evolving needs of modern renters living in them.”

FK Head of Design and Partner Nicky Drobis said the team was pleased to apply their expertise in the BTR sector to a project of major significance for Docklands.

“Our design brings together a distinctive and resolved building form, carefully integrated shared spaces and strong relationship to its surroundings to support a more cohesive and connected precinct, while delivering increased housing capacity and contributing to the long-term vitality and character of Melbourne’s growing harbourfront.”

Salta Chief Operating Officer, Emma Woodhouse, said the project will further strengthen the identity and design philosophy of the Est brand.

“Est by Salta is grounded in a belief that rental living should be thoughtfully designed, community-focused and enduring,” Ms Woodhouse said.

“Every Est project is shaped by a strong commitment to design excellence, sustainability and the creation of spaces that support connection and wellbeing. At Docklands, that means delivering high-quality apartments alongside considered shared amenities, co-working spaces and services that enable residents to live, work and connect with their community.”

“Importantly, the project has also been designed to contribute positively to the surrounding precinct through an activated ground plane and a building form that responds carefully to its prominent waterfront location. We look forward to continuing to work closely with planning consultants Urbis and the Department of Transport and Planning as the project progresses into the next phase of design development.”

Once complete, the project will establish a distinctive new gateway tower within the Marvel Stadium precinct while delivering much-needed new housing supply in the City of Melbourne.